光伏交出半年“成绩单”：国内装机进入太瓦时代 出口首次下降 价格跌破历史纪录

Core Insights - The photovoltaic industry is facing significant challenges, with production and operational difficulties highlighted by a decline in output and profitability [1][2][5] - Despite the struggles in manufacturing, the application side of the industry has seen remarkable growth, with installed capacity surpassing 200 GW in the first half of the year, marking a historical milestone [3] Manufacturing Sector - The manufacturing sector is experiencing a downturn, with all four main segments showing substantial declines, the smallest of which decreased by 18 percentage points [2] - The operating rates for battery cells and modules are around 50%, while silicon wafers are below 50%, and polysilicon is even lower than 40% [2] - Polysilicon and silicon wafers have recorded their first negative growth since 2013 and 2007 respectively, with polysilicon's growth drop exceeding 100% [2] Financial Performance - The financial health of the industry is deteriorating, with a reported net loss of over 12.5 billion yuan for 31 listed companies in the first quarter, representing a year-on-year increase of over 270% in losses [2][5] Application Sector - The application side of the photovoltaic industry has achieved a significant milestone, with installed capacity exceeding 1,000 GW, equivalent to the total capacity of 48 Three Gorges Hydropower Stations [3] Export Trends - The export value of photovoltaic products has seen a continuous decline for two consecutive years, with a 35.4% drop last year followed by a 26% decrease this year, resulting in a total decline of over 50% from the peak [4] - The export of modules has also experienced its first historical decline, with a year-on-year decrease of 2.82%, contrasting with previous years of growth [4] Price Dynamics - Prices across various segments have fallen below historical lows, with a continuous decline observed for over 10 weeks, particularly after the initial surge in demand [5] - The industry is facing severe challenges due to these price drops, leading to increased bankruptcies and mergers, often driven by local state-owned assets rather than market forces [5]